Green Plains Inc (GPRE) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Green Plains Inc. third quarter 2025 earnings conference call. (Operator Instructions) I will now turn the call over to your host, Phil Boggs, Chief Financial Officer. Mr. Boggs, please go ahead.

早安，歡迎參加 Green Plains Inc. 2025 年第三季財報電話會議。（操作員指示）現在我將把電話交給主持人，財務長菲爾博格斯。博格斯先生，請繼續。

Good morning, and welcome to the Green Plains Inc. third quarter 2025 earnings call. Joining me on today's call is Chris Osowski, President and Chief Executive Officer; and other members of our leadership team. There is a slide presentation available, and you can find it on the Investor page under the Events and Presentations link on our website.

早安，歡迎參加 Green Plains Inc. 2025 年第三季財報電話會議。今天與我一起參加電話會議的有總裁兼執行長克里斯·奧索夫斯基，以及我們領導團隊的其他成員。我們提供幻燈片簡報，您可以在我們網站的「活動與簡報」連結下的「投資者」頁面找到它。

During this call, we will be making forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

在本次電話會議中，我們將發表前瞻性聲明，即對未來事件的預測、展望或其他聲明。這些陳述是基於當前的預期和假設，但存在風險和不確定性。

Actual results could materially differ because of factors discussed in today's press release and the comments made during this conference call and in the Risk Factors section of our Form 10-K, Form 10-Q, and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statements.

由於今天新聞稿中討論的因素、本次電話會議期間的評論以及我們在 10-K 表格、10-Q 表格和其他提交給美國證券交易委員會的報告和文件中「風險因素」部分所作的評論，實際結果可能與預期存在重大差異。我們不承擔更新任何前瞻性陳述的義務。

And now I'd like to turn the call over to Chris Osowski.

現在我想把電話交給克里斯‧奧索夫斯基。

Thanks, Phil, and good morning, everyone. This has been a milestone quarter for Green Plains, one defined by operational excellence, discipline, and execution. I want to first thank our employees for their hard work and dedication through what has been a very, very busy quarter.

謝謝你，菲爾，大家早安。對於 Green Plains 來說，這是一個具有里程碑意義的季度，其特點是營運卓越、紀律嚴明和執行力強。首先，我要感謝我們的員工在過去這個非常非常忙碌的季度所付出的辛勤努力和奉獻精神。

Also to our Board of Directors for their confidence in me and our leadership team and finally, to our shareholders for their continued support of Green Plains. I'm proud of what we have been able to accomplish, and I'm confident that we can and will continue to deliver sustainable, profitable results.

此外，也要感謝董事會對我以及我們領導團隊的信任，最後，感謝股東們對綠原公司的持續支持。我為我們所取得的成就感到自豪，我相信我們能夠並且將會繼續取得可持續的、盈利的成果。

For the first time in years, we entered the fourth quarter with no near-term debt concerns. Our balance sheet is restructured. Our carbon capture systems are up and operational in all three Nebraska locations, and our plants continue to perform at record levels. We built a simpler, fundamentally restructured business, allowing us to focus on value creation and strong consistent cash flows.

多年來，我們首次在進入第四季時沒有近期債務的擔憂。我們的資產負債表已進行重組。我們在內布拉斯加州的三個地點的碳捕獲系統都已投入運行，我們的工廠也繼續保持著創紀錄的性能水平。我們建立了一個更簡單、結構更根本的業務，使我們能夠專注於價值創造和強勁穩定的現金流。

In order to recap the major activities since our last call, we want to highlight the following. The first, we executed on the sale of the Obion, Tennessee facility and concluded our strategic review process. We used those funds to fully repay approximately $130 million of high-cost debt. And next, we refinanced most of our 2027 convertible debt with a new $200 million facility due in 2030. We also executed on our first 45Z clean fuel production tax credit monetization agreement.

為了回顧自上次會議以來的主要活動，我們想重點介紹以下幾點。首先，我們完成了位於田納西州奧比昂的工廠的出售，並結束了我們的策略審查流程。我們利用這些資金全額償還了約 1.3 億美元的高成本債務。接下來，我們用一筆新的 2 億美元貸款（2030 年到期）為我們大部分 2027 年到期的可轉換債務進行了再融資。我們也執行了首份 45Z 清潔燃料生產稅收抵免貨幣化協議。

And finally, we commissioned and started up the carbon capture facility at York, Nebraska with the Wood River and Central City, Nebraska locations currently in the process of ramping up capture rates as we speak.

最後，我們在內布拉斯加州約克市調試並啟動了碳捕獲設施，而內布拉斯加州伍德里弗和中央城的設施目前正在逐步提高捕獲率。

Operationally, we're continuing to deliver record performance with our network of plants hitting over 101% capacity utilization, the highest level we reported in over a decade. This has been driven by our operational excellence programs that have been working in the background to improve fermentation yields and reduce plant downtime. We are seeing the results of what a focused effort can do with record or near-record yields for this group of plants in ethanol, corn oil and protein.

在營運方面，我們繼續取得創紀錄的業績，我們的工廠網路產能利用率超過 101%，這是我們十多年來報告的最高水準。這得歸功於我們卓越的營運計劃，這些計劃一直在幕後默默運作，以提高發酵產量並減少工廠停機時間。我們看到，集中精力能取得怎樣的成果，這類植物在乙醇、玉米油和蛋白質方面的產量都達到了創紀錄或接近創紀錄的水平。

Financially, this quarter's results, including $52.6 million in adjusted EBITDA and $11.9 million in net income reflect the new foundation we've laid, and this is just the start. During the quarter, we began realizing benefits from the 45Z clean fuel production tax credit, and we recognized $25 million of production tax credit value, net of discounts and costs during the quarter, and we anticipate another $15 million to $25 million of benefit in the fourth quarter.

從財務角度來看，本季業績包括 5,260 萬美元的調整後 EBITDA 和 1,190 萬美元的淨收入，反映了我們奠定的新基礎，而這只是個開始。本季度，我們開始享受 45Z 清潔燃料生產稅收抵免的好處，本季度我們確認了 2500 萬美元的生產稅收抵免價值（扣除折扣和成本後），我們預計第四季度還將獲得 1500 萬至 2500 萬美元的收益。

As we look to 2026, we anticipate these values to grow as we expand the program to all of our plants and see the impact from policy changes going into effect January 1. We're proud of the progress that we've made to deliver on what we said we would do, which is positioning us to provide solid transparent results in the fourth quarter and beyond.

展望 2026 年，我們預計隨著該計劃擴展到我們所有的工廠，以及 1 月 1 日生效的政策變化的影響，這些價值將會增長。我們為所取得的進展感到自豪，我們已兌現了承諾，這使我們能夠在第四季度及以後提供可靠透明的業績。

With that, I'll hand it back over to Phil to review the detailed financial results, and then I'll come back with a strategic update and commercial outlook.

接下來，我會把工作交還給菲爾，讓他審查詳細的財務結果，然後我會回來提供策略更新和商業展望。

Thanks, Chris. For the third quarter of 2025, we reported net income attributable to Green Plains of $11.9 million or $0.17 per share versus Q3 of 2024 of $48.2 million or $0.69 per diluted share. This quarter includes $35.7 million in non-recurring interest expense tied to the extinguishment of our high-cost junior mezzanine debt.

謝謝你，克里斯。2025 年第三季度，我們報告歸屬於 Green Plains 的淨利潤為 1,190 萬美元，即每股 0.17 美元，而 2024 年第三季為 4,820 萬美元，即每股攤薄收益 0.69 美元。本季包括與償還高成本次級夾層債務相關的 3,570 萬美元非經常性利息支出。

The result also includes $2.7 million in onetime restructuring charges related to our cost reduction and efficiency improvement programs. Adjusted for restructuring charges, noncash charges and inclusive of the production tax credit benefits, Q3 2025 adjusted EBITDA ended at $52.6 million compared to Q3 2024 of $53.3 million.

該結果還包括與我們的成本削減和效率提升計劃相關的 270 萬美元一次性重組費用。經調整重組費用、非現金費用以及生產稅收抵免優惠後，2025 年第三季調整後 EBITDA 為 5,260 萬美元，而 2024 年第三季為 5,330 萬美元。

During the quarter, we strengthened our balance sheet and liquidity through the sale of our Obion asset in Tennessee. We used the proceeds to fully retire the junior mezzanine debt and enhance our liquidity. We also refinanced most of our 2027 convertible notes through a new $200 million convertible note due in 2030 and used $30 million from that transaction to buy back stock. We now have no significant debt maturities for the next several years.

本季度，我們透過出售位於田納西州的 Obion 資產，增強了資產負債表和流動性。我們利用所得款項全額償還了次級夾層債務，並提高了我們的流動性。我們也透過發行 2030 年到期的 2 億美元新可轉換票據，為我們大部分 2027 年到期的可轉換票據進行了再融資，並用該交易中的 3000 萬美元回購了股票。未來幾年內，我們沒有重大債務到期。

Revenue for the quarter was $508.5 million, down 22.8% year-over-year. Like last quarter, our Q3 revenue was lower because we exited ethanol marketing for Tharaldson earlier this year and placed our Fairmont ethanol asset on care and maintenance in January of this year. These items naturally reduced the gallons we had to market.

本季營收為 5.085 億美元，年減 22.8%。與上個季度一樣，我們的第三季收入較低，因為我們在今年稍早退出了 Tharaldson 的乙醇行銷業務，並在今年 1 月將 Fairmont 乙醇資產置於維護和保養狀態。這些物品自然減少了我們運往市場的加侖數。

SG&A totaled $29.3 million, which is $2.6 million higher than the prior year Q3. Last year's results benefited from some onetime true-ups related to compensation-related adjustments and payroll tax incentive refunds, while this quarter's results included some one-time expenses related to the final earn-outs at our FQT business.

銷售、一般及行政費用總計 2,930 萬美元，較上年同期第三季高出 260 萬美元。去年的業績受益於一些與薪酬調整和工資稅激勵退款相關的一次性調整，而本季的業績則包括一些與我們 FQT 業務最終盈利支付相關的一次性支出。

We continue to expect SG&A to improve on a go-forward run rate and remain on track to exit the year at a corporate and trade SG&A target of the low $40 million area with full company consolidated SG&A run rate in the low $90 million range, significantly improved from the $133 million and $118 million we incurred in 2023 and 2024.

我們繼續預期銷售、一般及行政費用將在未來有所改善，並預計在年底前實現公司及貿易銷售、一般及行政費用目標在 4000 萬美元左右，公司整體合併銷售、一般及行政費用運行率在 9000 萬美元左右，較 2023 年和 2024 年的 1.33 億美元和 1.18 億美元有顯著改善。

Q3 2025 depreciation and amortization finished at $25 million compared to $26.1 million in the prior year quarter. Interest expense rose to $47.8 million, including onetime charges totaling $35.7 million tied to the extension and then the retirement of the mezzanine notes. With that behind us now, we anticipate our recurring interest costs will fall significantly in Q4 and into 2026.

2025 年第三季折舊和攤提額為 2,500 萬美元，而去年同期為 2,610 萬美元。利息支出增至 4,780 萬美元，其中包括與延期和償還夾層票據相關的 3,570 萬美元一次性費用。現在這些問題已經解決，我們預計第四季及2026年期間，我們的經常性利息成本將大幅下降。

We had an income tax benefit of $25.6 million. Our 45Z clean fuel production tax credits are recorded here under ASC 740 as deferred tax assets and then adjusted with the valuation allowance to recognize the likelihood of monetization resulting in the benefit.

我們獲得了 2560 萬美元的所得稅優惠。我們的 45Z 清潔燃料生產稅收抵免根據 ASC 740 在此處記錄為遞延所得稅資產，然後根據估值準備進行調整，以確認貨幣化帶來收益的可能性。

As a result, we recorded year-to-date production tax credits in the third quarter of $26.5 million, net of discounts. To match our view of operating performance, we've included the production tax credits in adjusted EBITDA. At the end of the quarter, our federal net operating loss balance of $200.5 million will provide future tax efficiency. Our normalized tax rate going forward is expected to remain in the 24% to 25% range.

因此，我們第三季錄得的年初至今生產稅收抵免額為 2,650 萬美元（扣除折扣後）。為了與我們對經營業績的看法相符，我們將生產稅收抵免計入了調整後的 EBITDA。本季末，我們2.005億美元的聯邦淨營業虧損餘額將帶來未來的稅收效率。我們未來的正常稅率預計將保持在 24% 至 25% 的範圍內。

On the balance sheet, our consolidated liquidity at quarter end included $211.6 million in cash equivalents and restricted cash, $325 million in working capital revolver availability, which is designated primarily for financing commodity inventories and receivables within our business. We had $136.7 million in unrestricted liquidity available to corporate.

在資產負債表上，截至季末，我們的合併流動性包括 2.116 億美元的現金等價物和受限現金，以及 3.25 億美元的營運資金循環額度，主要用於為我們業務中的商品庫存和應收帳款提供融資。我們擁有 1.367 億美元的非限制性流動資金可供企業使用。

Capital expenditures in Q3 were $4 million, including maintenance, safety, and regulatory investments. For the remainder of 2025, we expect capital expenditures to be approximately $5 million to $10 million, which excludes the carbon capture equipment for our Nebraska operations, which are already fully financed.

第三季資本支出為 400 萬美元，包括維護、安全和監管的投資。2025 年剩餘時間裡，我們預計資本支出約為 500 萬至 1,000 萬美元，這還不包括我們在內布拉斯加州營運所需的碳捕獲設備，這些設備已經全部獲得融資。

Our balance sheet reflects the increase in the carbon equipment liability as anticipated as a natural result of progress that is occurring on the project. This now stands at $117.5 million, up from $82 million in the prior quarter. As the project reaches full completion, this will be reclassified to debt in future periods.

我們的資產負債表反映了碳設備負債的增加，這正如預期的那樣，是專案進展的自然結果。目前這一數字為 1.175 億美元，高於上一季的 8,200 萬美元。隨著工程全面竣工，這筆款項將在未來期間重新歸類為債務。

With that, I'll turn the call back to Chris to provide some strategic updates and the commercial outlook.

接下來，我將把電話轉回給克里斯，讓他提供一些策略上的最新進展和商業前景。

The balance sheet transformation we executed on earlier this year has fundamentally changed how this company operates. The sale of the Obion plant allowed us to fully retire high-cost mezzanine debt and simplify our capital structure. In October, we completed $200 million in privately negotiated exchange and subscription agreements to extend the maturity of our converts and further derisk the business.

今年稍早我們實施的資產負債表改革從根本上改變了這家公司的運作方式。出售 Obion 工廠使我們能夠完全償還高成本的夾層債務，並簡化我們的資本結構。10 月份，我們完成了 2 億美元的私下協商交換和認購協議，以延長可轉換債券的到期日，並進一步降低業務風險。

We ended the third quarter with $353 million in total debt, down over $220 million from year-end 2024. While our carbon capture liabilities will move to debt in the near future, we have no near-term debt maturities on the horizon other than the small remaining balance of the 2027 converts, leaving us plenty of runway to focus on operational excellence initiatives and delivering value for our shareholders.

第三季末，我們的總債務為 3.53 億美元，比 2024 年底減少了 2.2 億美元以上。雖然我們的碳捕獲負債將在不久的將來轉為債務，但除了 2027 年可轉換債券的剩餘少量餘額外，我們近期沒有其他債務到期，這讓我們有充足的時間專注於卓越營運計劃，並為股東創造價值。

One of the significant operational excellence initiatives where we recently implemented is an overhaul of our CapEx policy and requirements for project justification and returns. This new rigor is aligned with our desire to be a data-driven organization that measures twice and cuts once.

我們近期實施的一項重要的卓越營運措施是對我們的資本支出政策以及專案論證和回報要求進行全面改革。這種新的嚴謹性與我們成為數據驅動型組織、三思而後行的願望一致。

Going forward, we will apply these new processes as we prioritize our capital allocation strategy, which will be focusing on: number one, strengthening our plant assets and maintaining or improving throughput, reducing our plant's carbon intensity through projects such as low energy distillation or combined heat and power, debottlenecking plant assets are incrementally expanding capacity, delevering the balance sheet through targeted debt reductions, and also options for returning capital to shareholders over time.

展望未來，我們將應用這些新流程，優先考慮我們的資本配置策略，該策略將重點關注：第一，加強我們的工廠資產並維持或提高產量；透過低能耗蒸餾或熱電聯產等項目降低我們工廠的碳排放強度；消除工廠資產的瓶頸，逐步擴大產能；透過有針對性的債務削減來降低資產負債率；以及隨著時間的推移而降低股東。

We're developing a clear capital allocation matrix that weighs returns across each of these options so we can deploy capital where it drives the most long-term value. This is just one of the significant operational excellence initiatives we executed on during Q3.

我們正在製定一個清晰的資本配置矩陣，對每種選擇的回報進行加權，以便我們可以將資本部署到能夠帶來最大長期價值的地方。這只是我們在第三季執行的眾多卓越營運措施之一。

We've also completely revamped our plant financial models, taking into account all production scenarios and corresponding carbon intensity and P&L impacts. At the same time, we implemented a cross-functional sales and operations planning process and updated forecasting process that has equal involvement from our commercial, operations, and finance teams.

我們也徹底改造了工廠財務模型，考慮了所有生產方案以及相應的碳排放強度和損益影響。同時，我們實施了跨職能的銷售和營運計劃流程，並更新了預測流程，該流程由我們的商業、營運和財務團隊共同參與。

While in Q3, we delivered results marked by strong operational execution and one of our core expectations is continuous improvement. Previously, we mentioned in Q3, our plants achieved above 100% capacity utilization, and we feel it's time to raise the bar.

第三季度，我們取得了以強勁的營運執行力為標誌的業績，而持續改善是我們的核心目標之一。先前我們在第三季提到，我們的工廠產能利用率已超過 100%，我們認為現在是時候提高標準了。

As we complete our budget cycle, we will be reviewing the capacity of our fleet with an eye towards updating our baseline capacity numbers for 2026. With a focus on operational excellence, we are happy to be in a position to have to make this change.

在完成預算週期後，我們將審查我們的機隊運力，以便更新我們 2026 年的基準運力數據。我們注重卓越運營，因此很高興能夠做出這項改變。

From the commercial perspective, the overall margin structure improved significantly through the second half of the third quarter and early part of the fourth quarter, driven by tighter ethanol supplies, lower input costs, and stronger corn oil values.

從商業角度來看，受乙醇供應趨緊、投入成本降低和玉米油價格走強的推動，第三季下半段和第四季初的整體利潤率結構顯著改善。

Ethanol prices rallied roughly $0.25 to $0.30 per gallon in August and September off of the early summer lows, while corn prices stayed subdued despite earlier expectations of a tight balance sheet. Favorable weather ultimately supported larger yields and a more balanced corn outlook.

8 月和 9 月，乙醇價格從初夏低點反彈了約 0.25 至 0.30 美元/加侖，而儘管此前預期供需平衡表將趨緊，玉米價格仍保持低迷。有利的天氣最終促成了更高的產量和更均衡的玉米前景。

Corn oil prices increased early in Q3 following the 2026 RVO ruling before moderating late in the quarter. By contrast, DDGs, and high protein values remained under pressure through much of the quarter given ample supply and typical seasonality. Looking ahead, with fall maintenance and peak summer driving behind us, ethanol prices have returned to more historical levels.

受 2026 年 RVO 裁決的影響，玉米油價格在第三季初上漲，之後在本季末有所回落。相較之下，由於供應充足和典型的季節性因素，DDG 和高蛋白產品在本季的大部分時間都面臨壓力。展望未來，隨著秋季維護和夏季用車高峰期的過去，乙醇價格已回落至更接近歷史水準。

Margins in the fourth quarter still remain attractive, and we are set up for a solid Q4 performance. We're about 75% hedged on crush in the fourth quarter and have put positions on for Q1 and 2026 following our disciplined hedging strategy that we've been executing on for several quarters now.

第四季的利潤率依然可觀，我們已做好準備，迎接穩健的第四季業績。我們對第四季度的壓榨風險進行了約 75% 的對沖，並按照我們幾個季度以來一直執行的嚴謹對沖策略，為第一季和 2026 年建立了倉位。

Demand drivers are in place with healthy export volumes and a growing acceptance of E15, although we do expect to see typical seasonal volatility as we move through the back half of Q4 and into traditional weaker margin winter months.

出口量健康成長，E15汽油的接受度不斷提高，這些都構成了需求驅動因素。不過，隨著第四季下半段進入傳統的利潤率較低的冬季月份，我們預期會出現典型的季節性波動。

Before we move on to Q&A, I want to leave you with this perspective. Green Plains is no longer approaching an inflection point. We're right in the middle of it. With all three of our Nebraska facilities, Central City, Wood River and York now capturing CO2. This isn't a future of promise anymore.

在進入問答環節之前，我想先和大家分享一下我的看法。格林普萊恩斯不再處於轉折點。我們正處於其中。我們位於內布拉斯加州的三個工廠（中央城、伍德里弗和約克）現在都已開始捕捉二氧化碳。這不再是一個充滿希望的未來了。

It's happening today. The equipment is running across all three locations, carbon is delivered to the pipeline, and we're generating credits. Our Advantage Nebraska strategy is operational and our overall decarbonization strategy has expanded to our entire operating platform.

這件事今天就會發生。這套設備在所有三個地點都在運行，碳被輸送到管道中，我們正在產生碳信用。我們的「內布拉斯加優勢」策略已投入運營，我們的整體脫碳策略已擴展到我們整個營運平台。

In closing, a lot of the heavy lifting has been done. We are entering a new chapter built on operational excellence, discipline and execution. We've simplified our business, strengthened our liquidity and have proven our ability to deliver.

總之，大部分繁重的工作已經完成。我們正邁入一個以卓越營運、嚴謹紀律和高效執行為基礎的新篇章。我們簡化了業務流程，增強了流動性，並證明了我們的交付能力。

Our carbon strategy is now a reality. Physical CO2 is being captured and monetized and the earnings power of Green Plains is being transformed. We're confident in the path ahead as we finish 2025 on a strong note and look forward to 2026 and beyond.

我們的碳排放策略現在已經成為現實。實體二氧化碳被捕獲並貨幣化，Green Plains 的獲利能力正在轉變。我們對未來的道路充滿信心，2025 年我們將以強勁的勢頭結束，並期待 2026 年及以後的發展。

Operator, we'll now take questions.

操作員，現在開始接受提問。

(Operator Instructions)

（操作說明）

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

You came in at a very challenging time, and you have seemed to turn this boat very quickly and very efficiently. I want to congratulate you on that. My question here is, sir, as you look forward for the next 9 to 12 months, what are your key challenges that you still think you have to encounter to get GPRE back at a run rate where it was probably three or four years ago?

你是在非常艱難的時期加入的，而且你似乎非常迅速、非常有效率地扭轉了局面。我想祝賀你。先生，我的問題是，展望未來 9 到 12 個月，您認為要讓 GPRE 恢復到三四年前的營運水平，您仍然需要克服哪些主要挑戰？

Yes, and thank you for the question. We really feel good about the actions taken over the last six to nine months to manage costs in our network. We're really focused on making sure that our plant assets are competitive and the results of the operational excellence initiatives are really coming to fruition, whether it be looking at improved plant yields or reduced plant OpEx, we see these plants coming into a very competitive position.

是的，謝謝你的提問。我們對過去六到九個月來為控制網路成本而採取的措施感到非常滿意。我們非常注重確保我們的工廠資產具有競爭力，並且卓越營運措施的成果正在真正實現，無論是提高工廠產量還是降低工廠營運成本，我們都看到這些工廠處於非常有競爭力的地位。

And in terms of other obstacles going forward, we are going to focus on the things that are within our control, and we need to deliver on the opportunities the carbon program is going to provide us. So we still have to run the plants, we still have to put gas in the pipe, and we still have to monetize the tax credits on top of being great at what we do day-to-day, which is buying corn, running plants efficiently, and marketing our products to our client base.

至於未來可能遇到的其他障礙，我們將專注於我們能夠控制的事情，並且需要抓住碳排放計劃將為我們帶來的機會。所以，我們仍然需要經營工廠，仍然需要向管道輸送天然氣，仍然需要利用稅收抵免來賺錢，同時還要做好我們日常的工作，也就是購買玉米、高效運營工廠以及向我們的客戶群推銷我們的產品。

Perfect. My very quick follow-up is, as you move along this journey, it's becoming increasingly clear you are going from a state of cash burn to probably significant cash generation once all these plants start up and there is more policy clarity. Help us understand what could be the uses of some of those cash. As you said, you do not actually have any near-term maturities. So help us understand what could be the possible uses of this cash as you generate it in '26 and '27?

完美的。我的後續補充是，隨著你們在這條道路上不斷前進，越來越明顯的是，一旦所有這些工廠都開始運轉，政策也更加明朗，你們就會從現金消耗的狀態轉變為可能產生可觀現金的狀態。請幫助我們了解這些資金可以用於哪些用途。正如你所說，你實際上沒有任何近期到期的債務。那麼，請您幫我們了解一下，您在 2026 年和 2027 年產生的這筆資金可能有哪些用途？

Yeah, sure. And first and foremost, we are going to maintain the health of our operating assets. So we're going to ensure that our plants can produce at a competitive position. And we want to drive those plants into the top 25% quartile of the industry.

當然可以。首先，我們要確保營運資產的健康發展。因此，我們將確保我們的工廠能夠以具有競爭力的價格生產。我們希望將這些工廠推入該行業前 25% 的行列。

Next, we have numerous opportunities to further reduce our carbon intensity scores in plants, whether it be moving toward low-energy distillation technologies to further reduce natural gas or electrical consumption in plant or considerations for combined heat and power in plants.

接下來，我們有很多機會進一步降低工廠的碳排放強度，無論是轉向低能耗蒸餾技術以進一步減少工廠的天然氣或電力消耗，還是考慮在工廠中採用熱電聯產。

There are a lot of opportunities that are still available to us. And then debottlenecking and adding capacity where it makes sense. So these are some of the opportunities, along with further debt reduction and returning value to shareholders.

我們仍然有很多機會。然後，在合理的地方消除瓶頸並增加產能。因此，除了進一步減少債務和為股東創造價值之外，還存在以下一些機會。

Congrats on a very strong quarter.

恭喜你們本季業績非常出色。

Pooran Sharma, Stephens Inc.

Pooran Sharma，Stephens Inc.

Just wondering if maybe we could talk about some of the incremental unlocks beyond your Advantage Nebraska strategy. And apologies if I missed the details in your prepared remarks. But I think the last time -- last quarter, the plan was to get about $50 million of EBITDA contribution from these assets that are non-Nebraska. And so you kind of went into detail on some of the initiatives you're working on. Now that we've gotten some visibility into 45Z contribution on Nebraska.

我想知道我們是否可以討論一下除了您的「內布拉斯加州優勢策略」之外，還可以有哪些其他方面的拓展。如果我遺漏了您準備好的發言稿中的某些細節，請您諒解。但我認為上個季度，計劃是從這些非內布拉斯加州的資產中獲得約 5000 萬美元的 EBITDA 貢獻。所以你詳細介紹了你正在進行的一些專案。現在我們已經對內布拉斯加州 45Z 的貢獻有了一些了解。

I was wondering if you could maybe peel the onion a little bit in terms of what can you do to unlock 45Z credits in your other assets beyond Nebraska? And how do you get to that $50 million essentially?

我想請您稍微解釋一下，除了內布拉斯加州的資產之外，您還可以做些什麼來解鎖其他資產中的 45Z 積分？那麼，你究竟要如何才能籌到這5000萬美元呢？

Yeah, that's a good question, and I appreciate that. For the non-pipeline plants or let's say, non-Nebraska locations, we have worked very diligently to improve the efficiency of those operations. and effectively lower their CI scores to the point where we expect them to be sub-50, effectively earning 5 points of CI reduction going forward. So there are opportunities to further make those plants more efficient with additional technologies that we have opportunities to implement.

是的，這是一個很好的問題，我很感激。對於非管道工廠，或者說非內布拉斯加州地區的工廠，我們一直非常努力地提高這些工廠的運作效率，並有效地降低了它們的CI評分，我們預計它們將低於50分，從而有效地獲得未來5分的CI降低。因此，我們有機會透過實施其他技術來進一步提高這些工廠的效率。

And we previously gave guidance around a $50 million P&L impact for those locations. We need to adjust that now that the Obion plant is not part of the fleet. So our adjusted number is around $38 million of P&L impact just based on 120 million gallon plant with 5 points of CI reduction. So that's really where we sit, and there is just opportunities to grow that here going forward.

我們先前曾預測，這些地區的損益將受到約 5,000 萬美元的影響。既然奧比昂工廠不屬於我們的車隊，我們就需要對此進行調整。因此，根據產能 1.2 億加侖的工廠，CI 降低 5 個百分點，我們調整後的數字是損益影響約 3,800 萬美元。這就是我們目前的處境，未來還有很大的發展機會。

Great. And I guess for my follow-up, just maybe wanted to see if you could walk through the rationale on the converts. I mean, I imagine there's a tad bit of like a tug and pull between potential dilution, but then also just cleaning up your balance sheet and making sure that you all have a good runway to operate. So I was just wondering if maybe you could just provide some rationale on that move?

偉大的。我想就後續問題問一下，您能否解釋一下皈依者的理由。我的意思是，我猜想在潛在的股權稀釋和清理資產負債表、確保公司擁有良好的營運基礎之間，可能會存在一些拉鋸戰。所以我想知道您是否能解釋一下這一舉動的理由？

Yeah, I mean I think in general, we talked about Green Plains being at an inflection point and with the desire to eliminate debt overhang and then provide the organization the opportunity to focus on execution and running the day-to-day business.

是的，我的意思是，總的來說，我們討論過 Green Plains 正處於一個轉折點，希望消除債務負擔，然後讓公司有機會專注於執行和日常業務運營。

We want our employees focused on being great at buying corn, being great at running plants, and being great at selling products. And the rationale behind the finance moves are really just to give us the opportunity to focus on the day-to-day business operations.

我們希望我們的員工專注於做好玉米採購、工廠營運和產品銷售。而這些財務舉措背後的真正原因，就是為了讓我們有機會專注於日常業務運作。

Matthew Blair, TPH.

Matthew Blair，TPH。

Congrats on the strong utilization, 101% in the quarter. Could you talk a little bit more about the changes you are making at the plants? We're noticing that your CapEx is pretty low here. So it seems like this is more process changes rather than throwing a lot of new money at the plant.

恭喜你們取得了強勁的利用率，本季達到了101%。能否再詳細談談您在工廠正在進行的變革？我們注意到貴公司的資本支出相當低。所以看起來這更多的是流程上的改變，而不是向工廠投入大量新資金。

Yeah. And that's a great question. I think what you're seeing is the results of a focused effort. We are not in the process of starting up new technologies or adding complexity to our business. Our teams are focused on the blocking and tackling of running and operating the plants and driving higher yields.

是的。這是一個很好的問題。我認為你現在看到的，是集中努力的成果。我們目前沒有啟動新技術或增加業務複雜性的計劃。我們的團隊專注於工廠的運作和運營，以及提高產量。

So we're operating at higher yields than historically would have been anticipated when these plants were built. At the same time, a focused effort on reliability-centered maintenance to reduce planned and unplanned downtime and putting in technical solutions to the things that cause us to shut down.

因此，我們目前的產量比這些工廠建成時預期的產量還要高。同時，我們集中精力進行以可靠性為中心的維護，以減少計劃內和計劃外停機時間，並針對導致停機的問題提出技術解決方案。

And that's really what's driving the improvements in capacity utilization to the point now where we want to re-baseline the performance of the plants for the future. But it's a lot about setting expectation and improving the technical capabilities of both our corporate operations team and the plant management teams to run the assets as best we can.

而這正是推動產能利用率不斷提高，以至於我們現在想要重新設定工廠未來績效基準的原因。但更重要的是設定預期，並提高我們公司營運團隊和工廠管理團隊的技術能力，以便我們能夠盡可能地運作這些資產。

Sounds good. And then for the $15 million to $25 million of 45Z credits in the fourth quarter, is that all coming from the Trailblazer plants? Or is there some contribution from the non-Trailblazer plants as well? And then also, why the range seems a little wide. What would put you at the lower end of the range versus the upper end of the range for the fourth quarter here?

聽起來不錯。那麼，第四季獲得的 1500 萬至 2500 萬美元的 45Z 稅收抵免，是否全部來自 Trailblazer 工廠？或者，非拓荒者工廠也做出了一些貢獻嗎？另外，為什麼範圍看起來有點寬？第四季度，什麼情況下你的預期會處於區間下限，什麼情況下會處於區間上限？

Sure. That's also a great question. And it's important to note that we still need to execute on the remainder of the fourth quarter. We've got the York, Nebraska plant up and fully operational at a very high capture efficiency. And we are in the process of getting Central City and Wood River ramped up in terms of capturing all the CO2 produced and putting it into the pipeline.

當然。這也是個好問題。值得注意的是，我們仍然需要完成第四季剩餘的工作。位於內布拉斯加州約克的工廠已經建成並全面投入運營，捕集效率非常高。我們正在努力提高中央城和伍德河的二氧化碳捕捉能力，並將所有產生的二氧化碳輸送到管道中。

So we still -- it's still a work in progress, but we are very confident in our ability to execute on that piece. We just have to deliver here the remainder of the fourth quarter.

所以，這仍然是一個進行中的項目，但我們對完成這個項目的能力非常有信心。我們只需要在第四季度剩下的比賽中取得好成績就行了。

And to comment on the non-pipeline plants contributing to 45Z, we are working through PWA compliance for those locations that are currently operating at a sub-50 CI score. And it's really just about executing on that piece and managing the energy consumption for those plants to drive those credit values higher.

至於對 45Z 產生影響的非管道工廠，我們正在努力使目前 CI 得分低於 50 的工廠符合 PWA 標準。關鍵在於執行好這一環節，並控制這些工廠的能源消耗，進而提高這些信用價值。

Eric Stine, Craig-Hallum.

艾瑞克‧斯泰恩，克雷格-哈勒姆。

So you're just talking about the other plants, the non-pipeline connected plants, and you mentioned the $38 million in potential 45Z. But can you give an idea of just what the investment might be? I know you're considering a number of things. I know some of those plants are already sub-50. But just some thoughts, maybe I know it's early days, but some thoughts on what that investment might look like.

所以你只是在談論其他工廠，那些沒有管道連接的工廠，你提到了潛在的 45Z 價值 3800 萬美元。但您能否大致估算一下投資額是多少？我知道你正在考慮很多事情。我知道其中一些植物的產量已經低於50。不過，我有一些想法，我知道現在下結論還為時過早，但我想就這項投資的未來發展方向談談我的看法。

Yeah. Good question. And we don't have a specific investment planned for any of those plants, but we do have numerous technologies we can deploy at any location now because effectively, starting January 1 with the removal of the ILUC or the indirect land use calculation on the CI score, we're going to see all of those plants effectively capturing 45Z value. So each technology that is available to our plants has an equal footing regardless of pipeline status in terms of how it can deliver. So we have a lot of options in front of us.

是的。問得好。我們沒有為這些工廠製定具體的投資計劃，但我們現在有很多技術可以在任何地點部署，因為實際上，從 1 月 1 日起，隨著 CI 評分中 ILUC 或間接土地利用計算的取消，我們將看到所有這些工廠有效地獲取 45Z 的價值。因此，無論管道狀況如何，我們工廠可以使用的每項技術在交付能力方面都具有同等地位。所以我們面前有很多選擇。

And we're just focused on delivering this fourth quarter, generating free cash flow to give us the opportunity to then reinvest into the business.

我們目前專注於完成第四季度的業績，產生自由現金流，以便我們有機會將資金再投資於業務發展。

Got it. So I mean, just as the calendar turns to 2026, it sounds like you do anticipate that you will start to capture some of that $38 million. It's just that there would be additional steps that you would need to take to fully capture it. Is that the way we should think about it?

知道了。所以我的意思是，隨著日曆翻到 2026 年，聽起來你確實預計你會開始獲得那 3800 萬美元的一部分。只是還需要採取一些額外的步驟才能完全捕捉它。我們該這樣想嗎？

No. We expect to get the $38 million. That is our expectation for a 2026 run rate, independent of any additional CapEx to drive CI scores lower.

不。我們預計能拿到3800萬美元。這是我們對 2026 年運行率的預期，與任何可能降低 CI 評分的額外資本支出無關。

Got it. That is very helpful. Maybe second one for me. This is -- I mean, gosh, the balance sheet and the flexibility you've got, you haven't had for a long, long time.

知道了。那很有幫助。或許對我來說是第二個。這是——我的意思是，天哪，你們現在的資產負債表和靈活性，是你們很久很久以來都沒有過的。

I know you sold Obion. I mean, any thoughts, do you kind of feel like now with your nine plants, this is where the platform should be? Or I mean, is it still kind of -- you've got a portfolio and depending on your options, there may be other asset sales?

我知道你把奧比昂賣掉了。我的意思是，你有什麼想法嗎？你現在有了這九株植物，你覺得這個平台應該就設在這裡嗎？或者我的意思是，現在是不是還是那種情況——你有一個投資組合，根據你的選擇，可能還會有其他資產出售？

Well, with respect to our portfolio of plants, I mean, we feel good about the assets that we have, especially with respect to the rate of improvement we're seeing in those plant assets. At the same time, we've done a lot of work to manage our total corporate SG&A.

就我們的工廠組合而言，我們對我們擁有的資產感到滿意，尤其是我們對這些工廠資產的改進速度感到滿意。同時，我們做了大量工作來管理公司整體的銷售、一般及行政費用。

And I feel like we've gotten the organization to its fighting weight, so to speak, such that we can be competitive in the ethanol space with the assets we have. And in terms of whether it be growth of business, we have opportunities to grow volume in our existing footprint if and when we make that sort of decision. But no really anticipation of significant changes at this point in time.

我覺得我們讓公司達到了應有的實力，可以說，憑藉我們現有的資產，我們能夠在乙醇領域中具有競爭力。至於業務成長方面，如果我們做出這樣的決定，我們就有機會在現有業務範圍內擴大銷售量。但目前來看，預計不會有重大變化。

Salvator Tiano, Bank of America.

薩爾瓦托·蒂亞諾，美國銀行。

This is Hakim on for Salvator. Quick question on the 45Z agreement on with Freepoint this year. Is it subject to any contingencies and how these credits will be finalized and audited in? And lastly, have you received any cash? And if not, when do you expect to receive cash flow?

這是哈基姆為薩爾瓦多做報道。關於今年與 Freepoint 達成的 45Z 協議，我有個問題。是否受任何附加條件限制？這些信貸將如何最終確定和審查？最後，你收到現金了嗎？如果不行，您預計何時收到現金流？

Yeah, we earlier announced the completion of the 45Z production tax credit monetization agreement with Freepoint. And this is for effectively all of the carbon credits that we would generate during 2025. And we are actively marketing credits for 2026, and we feel good about the relationship with Freepoint. In terms of the cash flow, I mean, that is one that is at our discretion depending -- based on our relationship with Freepoint, and we'll leave it at that.

是的，我們先前宣布與 Freepoint 完成了 45Z 生產稅收抵免貨幣化協議。這實際上涵蓋了我們在 2025 年將產生的所有碳信用。我們正在積極推廣 2026 年的積分，並且我們對與 Freepoint 的合作關係感到滿意。至於現金流方面，我的意思是，這取決於我們與 Freepoint 的關係，由我們自行決定，我們就來這裡。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

This is Carol Jiang on for Laurence Alexander. Could you add a bit more color on the status of clean sugar technology? Like what is the status and the near-term monetization path for CST given the prior comments about wrapping up the effort? And what are the 2026 cash cost implications if commercialization is kind of like deprioritized?

這裡是卡羅爾·江，代勞倫斯·亞歷山大為您報道。能否再詳細介紹一下清潔糖技術的現況？鑑於之前曾表示要結束這項工作，那麼 CST 目前的狀態以及近期獲利路徑是什麼？如果商業化過程被降低優先級，那麼到 2026 年的現金成本會受到哪些影響？

Yeah. Very good question. With respect to CST, as previously mentioned on earnings calls, the CS technology does work, and it is functional. The issue we have is additional CapEx requirements to debottleneck the technology to get the full earnings potential out of that process. And with the recent policy changes with respect to 45Z, now we see a shift in focus in terms of putting any available cash that we have to the places where it can generate the best possible returns.

是的。問得好。關於 CST，如同先前在財報電話會議上所提到的，CS 技術確實有效，而且功能齊全。我們面臨的問題是，需要額外的資本支出來消除技術瓶頸，以便充分發揮流程的獲利潛力。隨著 45Z 政策的近期變化，我們現在看到，我們將把所有可用的現金投入到能夠產生最佳回報的地方，從而轉變了我們的關注重點。

And as it pertains specifically to the Shenandoah plant, we expect to -- we're in a position of capturing 45Z tax credits today based on how efficiently that plant is operating in terms of ethanol yields and total plant throughput. So we have to take that into account when it comes to justifying additional CapEx in CST.

就 Shenandoah 工廠而言，我們預計——我們目前能夠根據該工廠在乙醇產量和工廠總吞吐量方面的營運效率，獲得 45Z 稅收抵免。因此，在論證 CST 額外資本支出合理性時，我們必須考慮這一點。

And as we mentioned, I think in the last earnings call, we're going to reevaluate that mid-2026 in terms of the path forward. But once again, that additional capital investment is going to have to compete with all the other opportunities we have to invest in our plant network.

正如我們在上次財報電話會議上所提到的，我們將在 2026 年中重新評估未來的發展方向。但是，這筆額外的資本投資將不得不與我們所有其他投資工廠網路的機會競爭。

Andrew Strelzik, BMO.

Andrew Strelzik，BMO。

I'm sorry if I missed this, but in the prepared remarks, you closed with a comment about the earnings power being transformed. And so I was just curious with the operational improvements you've done, the cost savings, these tax credit benefits, how do you think about the earnings power going forward? How would you frame that?

如果我錯過了，我深感抱歉，但在您準備好的發言稿中，您最後提到了收入能力的轉變。因此，我很好奇，鑑於你們所做的營運改善、成本節約以及這些稅收抵免優惠，你們如何看待未來的獲利能力？你會如何表達？

Yeah. If I think of -- to frame up the ongoing earnings power, a couple of comments. We've talked about the Advantage Nebraska program delivering $150 million of P&L impact on a run rate basis. And just recently, we discussed the non-pipeline plants providing around a $38 million P&L impact. So that's a significant shift for us.

是的。如果讓我思考──為了建立持續的獲利能力，我有幾點要補充。我們已經討論過，內布拉斯加州優勢計劃按年率計算可帶來 1.5 億美元的損益影響。就在不久前，我們也討論了非管線工廠，這些工廠帶來了約 3,800 萬美元的損益影響。所以這對我們來說是一個重大轉變。

At the same time, we also discussed reductions in SG&A on a year-over-year basis that are significant. And we talked earlier in this year about achieving over a $50 million cost reduction target. That on top of plant OpEx is reducing by more than $0.03 in 2025 relative to 2024. We've got a lot of good news to share, and we're very excited about being able to bring it to fruition here in 2026.

同時，我們也討論了銷售、一般及行政費用較去年同期大幅下降的情況。今年早些時候，我們也討論過實現超過 5,000 萬美元的成本削減目標。此外，與 2024 年相比，2025 年工廠營運成本將減少 0.03 美元以上。我們有很多好消息要跟大家分享，我們非常興奮能夠在 2026 年實現這些目標。

And Andrew, this is Phil. Just to add to that, on the balance sheet front, forward interest expense for next 12 months looks to be more in that $30 million to $35 million range with the restructuring of the balance sheet that we've done. So much improved from that standpoint as well.

安德魯，這位是菲爾。補充一點，在資產負債表方面，由於我們對資產負債表進行了重組，未來 12 個月的預期利息支出預計將在 3000 萬美元至 3500 萬美元之間。從這個角度來看，情況也改善了很多。

So as Chris noted, significant improvement in core operational expenses with that $50 million and then that combined $188 million of carbon-related 45Z production tax credits and voluntary tax credit earnings power for the full year of 2026, we do believe that we're in a significantly transformed earnings position going forward.

正如克里斯指出的那樣，核心營運費用有了顯著改善，這得益於 5000 萬美元的資金，再加上 2026 年全年與碳相關的 45Z 生產稅收抵免和自願稅收抵免收益的 1.88 億美元，我們相信，我們未來的盈利狀況將發生顯著變化。

Okay. That's good color and super helpful. My other question kind of on the core underlying ethanol fundamentals. I think you said you're 75% hedged for the fourth quarter. How hedged are you for the first quarter?

好的。顏色很好，而且非常實用。我的另一個問題是關於乙醇基本面的核心問題。我想你說過你對第四季進行了75%的對沖。您對第一季的對沖措施做了多少準備？

And in addition to that, how are you guys thinking about potential contributions next year from ethanol exports and E15? Obviously, a lot of headlines, trade agreements, those types of things. Can you kind of frame what a reasonable expectation around those two dynamics would be?

除此之外，你們如何看待明年乙醇出口和 E15 汽油的潛在貢獻？顯然，有很多新聞標題、貿易協定等等。您能否大致描述一下，圍繞著這兩種動態，合理的預期應該是什麼樣的呢？

Yeah. And with respect to position taking, we don't want to get into too much detail on where we sit, but we've talked about having a disciplined strategy. And effectively, we're going to be in the market every day looking for opportunities to lock in margin when the market provides that to us. So we're active in Q4 and Q1 of 2026.

是的。至於倉位選擇，我們不想過多透露我們的立場，但我們已經討論過要製定一套嚴謹的策略。實際上，我們將每天在市場上尋找機會，在市場提供機會時鎖定利潤。因此，我們在2026年第四季和第一季都有業務活動。

With respect to questions around demand drivers, we see export demand strengthening on the basis of strong numbers, 2 billion-plus gallons in 2025. We expect that to grow with, in particular, demand coming from Canada, the EU and India based on government mandates in those countries.

關於需求驅動因素的問題，我們看到出口需求在強勁的數位基礎上有所增強，到 2025 年將超過 20 億加侖。我們預計這一數字將持續成長，尤其是在加拿大、歐盟和印度等國政府指令的推動下，需求將會成長。

And also with respect to E15 acceptance in all 50 states is also an important driver of demand, but we don't really anticipate that to materialize until probably the second half of 2026 into 2027 based on the needs of developing infrastructure in that part of the world.

此外，E15 在所有 50 個州的接受度也是需求的重要驅動因素，但根據該地區基礎設施發展的需求，我們預計這種情況可能要到 2026 年下半年到 2027 年才會真正實現。

Craig Irwin, ROTH Capital.

Craig Irwin，ROTH Capital。

So you were very clear that the sequestration equipment is working and you're putting carbon in the pipeline. But can you clarify for us whether or not Trailblazer is injecting the carbon in the sequestration wells? And is there any uncertainty around some of the delays there impacting the value of credits that you announced the sale of today?

所以你非常明確地表示，碳封存設備正在運行，並且正在向管道中輸送碳。但您能否澄清一下，開拓者公司是否正在向封存井中註入碳？那麼，對於您今天宣佈出售的信貸額度，是否存在一些延誤會影響其價值的不確定性？

Thanks for the question, Craig. With respect to status of pipeline, just to recap, we have the York asset fully operational, we've got Central City and Wood River, where we've fully commissioned all of the equipment and are in the process of ramping up capture rates. And right now, the pipeline team is working on basically operationalizing the entire pipeline, sending the gas to Wyoming.

謝謝你的提問，克雷格。關於管道的現狀，簡單回顧一下，約克資產已全面投入運營，中央城和伍德河的設施也已全部調試完畢，目前正在逐步提高捕獲率。目前，管道團隊正在努力使整個管道投入運營，將天然氣輸送到懷俄明州。

So there's a little bit of a time delay between getting equipment commissioned on the capture side of things and the actual sequestration well itself. So like I mentioned, there's a little bit of time delay, but we are confident in our partners' ability to execute on the start-up and commissioning of that equipment. So we really feel good about where we're positioned.

因此，從捕獲設備的調試到實際的隔離井建成，之間存在一定的時間延遲。正如我剛才提到的，雖然會有一些時間上的延誤，但我們對我們的合作夥伴有能力完成設備的啟動和調試工作充滿信心。所以我們對目前的市場地位感到非常滿意。

Okay. So the second question then is, do you face a potential limit on the inventory of the carbon that you're putting into the pipeline given that there is a little bit of uncertainty around the injection at those wells in Wyoming? Or is there a fairly substantive potential to continue to put carbon into the pipeline?

好的。那麼第二個問題是，考慮到懷俄明州那些油井的注入存在一些不確定性，您是否會面臨注入管道的碳庫存量的潛在限制？或者說，繼續向管道中排放碳的可能性是否相當大？

Yeah. There's plenty of capacity for all of our plants to put the gas in the well. And the range we provided in terms of carbon anticipated value in Q4 is really based around the timing and the capture efficiency of our assets and also the execution of our base plant operations through the balance of Q4.

是的。我們所有工廠都有足夠的產能將天然氣輸送到井中。我們在第四季度提供的碳預期價值範圍，實際上是基於我們資產的捕獲時間和效率，以及我們在第四季度剩餘時間內基本工廠運作的執行情況。

Thank you, everyone. That concludes our Q&A session for today. I will now turn the call over back to Mr. Chris Osowski for closing remarks. Please go ahead, Mr. Osowski.

謝謝大家。今天的問答環節到此結束。現在我將把電話轉回給克里斯‧奧索夫斯基先生，請他作總結發言。請繼續，奧索夫斯基先生。

All right. Thank you, everyone, for your time today, and we look forward to updating you on our operational performance and financial results next quarter. If you have any follow-up questions for us, please reach out, and we'll find time to connect.

好的。感謝各位今天抽出時間，我們期待在下個季度向大家報告我們的營運業績和財務結果。如果您有任何後續問題，請隨時聯絡我們，我們會安排時間與您溝通。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect. Have a nice day ahead, everyone.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。祝大家今天過得愉快。